Heartland Financial USA, Inc. Reports Third Quarter 2012 Results

Heartland Financial USA, Inc. (NASDAQ: HTLF):

Quarterly Highlights
  • Net income of $13.6 million or $0.75 per diluted common share
  • Net interest margin of 3.84%
  • Provision for loan and lease losses decreased $3.5 million over the second quarter 2012
  • Gains on sale of loans increased $1.1 million or 8% over record second quarter 2012
  • Deposit growth of $168.1 million since June 30, 2012
  • Nonperforming assets decreased $6.4 million since June 30, 2012
  • Acquisition of three banking offices from Liberty Bank, FSB completed on July 13, 2012
  • Merger agreement with First Shares, Inc. announced on August 2, 2012
  • Stock purchase agreement with Heritage Bank, N.A. announced on October 11, 2012
   

 Quarter Ended 
    Nine Months Ended
September 30, September 30,
 
2012     2011 2012     2011
Net income (in millions) $ 13.6 $ 7.4 $ 40.4 $ 21.8
Net income available to common stockholders (in millions) 12.6 3.4 37.4 15.2
Diluted earnings per common share 0.75 0.20 2.24 0.92
 
Return on average assets 1.11 % 0.33 % 1.14 % 0.50 %
Return on average common equity 16.79 4.97 17.44 7.77
Net interest margin 3.84 4.14 4.03 4.18
 
“Heartland continued its streak of excellent quarterly earnings reports today, nearly doubling earnings from last year's third quarter, and reporting the second best quarterly earnings in our 31-year history.”

 

Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc.
 

Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported net income of $13.6 million for the quarter ended September 30, 2012, an increase of $6.2 million or 85 percent from the $7.4 million recorded for the third quarter of 2011. Net income available to common stockholders was $12.6 million, or $0.75 per diluted common share, for the quarter ended September 30, 2012, compared to $3.4 million, or $0.20 per diluted common share, for the third quarter of 2011. Return on average common equity was 16.79 percent and return on average assets was 1.11 percent for the third quarter of 2012, compared to 4.97 percent and 0.33 percent, respectively, for the same quarter in 2011.

Net income recorded for the first nine months of 2012 was $40.4 million, compared to $21.8 million recorded during the first nine months of 2011. Net income available to common stockholders was $37.4 million, or $2.24 per diluted common share, for the nine months ended September 30, 2012, compared to $15.2 million, or $0.92 per diluted common share, earned during the first nine months of 2011. Return on average common equity was 17.44 percent and return on average assets was 1.14 percent for the first nine months of 2012, compared to 7.77 percent and 0.50 percent, respectively, for the same period in 2011.

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